| 1. |
……….provides information for income determination. |
| A. | financial accounting |
| B. | cost accounting |
| C. | management accounting |
| D. | none of these |
| Answer» A. financial accounting | |
| 2. |
helps in ascertaining costs beforehand. |
| A. | financial accounting |
| B. | cost accounting |
| C. | management accounting |
| D. | none of these |
| Answer» B. cost accounting | |
| 3. |
The scope of cost accounting include…………..,…………… and…………… |
| A. | cost ascertainment, cost presentation, cost control |
| B. | tax planning, tax accounting, financial accounting |
| C. | presentation of accounting information, creation of policy, day-to day operation |
| D. | none of the above |
| Answer» A. cost ascertainment, cost presentation, cost control | |
| 4. |
Cost accounting disclose ……………. |
| A. | the financial position |
| B. | profit/loss of a product, job or service |
| C. | effect and impact of cost on business |
| D. | none of these |
| Answer» B. profit/loss of a product, job or service | |
| 5. |
….is a post mortem of past costs. |
| A. | financial accounting |
| B. | cost accounting |
| C. | both a & b |
| D. | none of these |
| Answer» A. financial accounting | |
| 6. |
…..aids in price fixation. |
| A. | financial accounting |
| B. | cost accounting |
| C. | management accounting |
| D. | none of these |
| Answer» B. cost accounting | |
| 7. |
………is the oldest branch of accounting. |
| A. | financial accounting |
| B. | cost accounting |
| C. | management accounting |
| D. | none of these |
| Answer» A. financial accounting | |
| 8. |
……….includes financial and cost accounting, tax planning and tax accounting. |
| A. | financial accounting |
| B. | cost accounting |
| C. | management accounting |
| D. | none of these |
| Answer» C. management accounting | |
| 9. |
In automobile,..............................costing is used |
| A. | process |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» C. multiple | |
| 10. |
Service costing is used in industries producing……………… |
| A. | products |
| B. | service |
| C. | both a & b |
| D. | none of these |
| Answer» B. service | |
| 11. |
……….costing is applicable to printers. |
| A. | process |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» D. job | |
| 12. |
Process costing is also known as…......................costing. |
| A. | continuous |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» A. continuous | |
| 13. |
Operating costing is also known as........................costing. |
| A. | service |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» A. service | |
| 14. |
costing is a type or technique of costing. |
| A. | marginal |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» A. marginal | |
| 15. |
……….costing is a type or technique of costing. |
| A. | absorption |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» A. absorption | |
| 16. |
…………is not the scope ofCost Accountancy. |
| A. | ascertaining cost |
| B. | cost accounting |
| C. | cost control |
| D. | tax planning |
| Answer» D. tax planning | |
| 17. |
Cost Accounting has been developed becauseof….........................of Financial Accounting. |
| A. | limitations |
| B. | advantages |
| C. | both a & b |
| D. | none of these |
| Answer» A. limitations | |
| 18. |
Cost Accountancy is the science, art and ……………….of a costaccountant. |
| A. | practice |
| B. | exercise |
| C. | hard work |
| D. | effort |
| Answer» A. practice | |
| 19. |
The ordinary trading account is a locked storehouse of most valuable information to which cost system is the………………. |
| A. | key |
| B. | lock |
| C. | house |
| D. | none of these |
| Answer» A. key | |
| 20. |
Cost accounts deal partly with facts and figures and partly with……… |
| A. | estimates |
| B. | costs |
| C. | income |
| D. | revenue |
| Answer» A. estimates | |
| 21. |
Cost accounting provides data for managerial……………. |
| A. | decision making |
| B. | recruitment |
| C. | retrenchment |
| D. | none of the above. |
| Answer» A. decision making | |
| 22. |
Cost accounting is based on…......................figures. |
| A. | estimated |
| B. | historical |
| C. | actual |
| D. | none of these. |
| Answer» A. estimated | |
| 23. |
Cost accounting provides detailed information about .................................of various products, processes, services and operations. |
| A. | costs |
| B. | income |
| C. | either a or b |
| D. | none of these. |
| Answer» A. costs | |
| 24. |
Cost accounting records both monetary and.......................units. |
| A. | physical |
| B. | cost |
| C. | both a & b |
| D. | none of these. |
| Answer» A. physical | |
| 25. |
The method of costing used in a refinery is… .................. costing. |
| A. | process |
| B. | batch |
| C. | multiple |
| D. | job |
| Answer» A. process | |